Market News

– After the rather successful offering of oil on Iran Energy Exchange, the second batch of Iran oil will be traded on the exchange on November 11, 2018. This time the remainings of previous 1 mn barrels, 700K, are going to be offered to the private exports with a base price of $76.29 bp for FOB delivery in Karq port. The minimum order shall be no less 35K barrels.

– Iran guardian council rejected the previously ratified bill of the parliament on joining the CFT convention and returned the amendments. The speaker of the council, Abbas Ali Kadkhodaee, announced that the bill has several (around 20) clauses opposed with the constitution and sharia law which shall be addressed accordingly by the Majlis again. In response to this, the head of the national security commission told the press that probably the parliament will review the bill and send it directly to Expediency Discernment Council seeking their consent.

– Stats show the unemployment rate of summer has raised by 0.7% contrary to the same period last year and stood firm at 12.2%. The unemployed population of the nation reached 3 million and 326 thousand showing a 237K rise. “Services” owns the biggest slice of the employment pie by 49.5% followed by Industry (31.60%) and Agriculture (18.90%). Moreover, data indicate that 24.9% of the youth population (15-29) are unemployed (+0.80%).

In the Market

Equities behaved strangely today in a session that was mostly driven not by the fear of US sanctions deadline end but by domestic confusing and somehow hostile news. Major averages climbed right after the opening bell and kept going through mid-session when suddenly news of the guardian council rejecting CFT related bill spread like an eagle over the market. The self-destructive agenda behind, however, made the TEDPIX (0.29%) fall into red and close at 184K level. This was worse for IFEX (-1.18%) and made the exchange to suffer harder. The trading volume and value shows that investors are in a state of indecision again and have to wait for more political signals.

Agah analysis shows that the trend of individuals’ presence in the market was more in favour “taking money out” during the last 7-8 trading sessions which despite the fact that it could be interpreted as deflating the previously inflated balloon of the capital market, however, shall be translated as the lack of proper motive for any future market growth.

In general, these days, the weight of non-systematic risks overcame analytics of the market and one it would be better to trade with cautious until after some solid will behind a calm domestic and international political climate show itself.

DISCLAIMER: This report has been prepared and issued by Agah Brokerage Firm on the basis of publicly available information, internally developed data and other sources believed to be reliable. The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. Agah does not assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Any expressions of opinions are subject to change without notice.